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Do you dream of building a business empire with several different ventures under your control? Many successful entrepreneurs strive to expand beyond a single mom-and-pop store by starting or purchasing additional businesses in various industries. At first glance, it seems impossible to manage many tasks at the same time. How can one person closely monitor numerous operations?
Well, monitoring a portfolio of companies indeed requires a lot of effort, planning and collaboration from a strong team. However, it is possible, through careful work, to skillfully manage several companies at the same time. Several accomplished entrepreneurs have built very large and diversified business groups in this way.
Here are some practical recommendations on how to manage multiple businesses at the same time without becoming overwhelmed.
Related: How to Run Multiple Businesses Successfully
1. Allocate blocks of time for each business
One important thing is to set aside specific hours or days to focus on just one business. Choose specific times of the week for specific businesses so you can give each business the attention it needs without becoming disorganized.
For example, you might decide that Monday, Wednesday, and Friday are for Company A, while Tuesday and Thursday are for Company B. In the morning, work on paperwork, emails, and planning for both. Switch between companies in the afternoon to get work done. By setting specific time windows, you avoid constantly switching between companies and losing track.
2. Divide leadership responsibilities among trusted teams
Instead of trying to control every little detail in every part of your business, build strong management teams for each company. Assign leadership roles and tasks to reliable employees or partners you trust. These teams take the lead and you can watch them from above.
Provide clear organizational structures and ensure that people can communicate. Let your inner circles make everyday decisions while keeping your goals and values in mind. This puts you in control and allows you to focus your attention on the things that need it most instead of feeling attracted in too many ways.
Related: How to Successfully Start Two Businesses (Simultaneously)
3. Leverage technology for productivity and automation
The digital world has given entrepreneurs remarkable tools to get more done. Use programs, systems and apps that can automate repetitive tasks or connect your operations.
For example, accounting software can handle billing and cash reporting automatically. Customer relationship software tracks sales and interactions across companies. Project managers like Asana or Trello help coordinate tasks and progress across the company. Try to automate as many standard processes as possible with technology.
4. Outsource non-core roles and responsibilities
As a manager, you don’t always have to do the work yourself. Identify positions or activities that are not critical to your company’s core functions. These peripheral but still important roles can potentially be outsourced to freelancers or third-party providers.
For example, a virtual assistant service can handle basic administrative or customer support tasks on specific projects. Or hire an accounting firm to handle invoices, payables and taxes across all businesses rather than trying to learn accounting yourself. Outsourcing non-essential functions allows you to fully focus on running and growing your business without being overwhelmed by less important details.
Related: 4 Tips to Help You Run Multiple Businesses
5. Conduct regular company meetings
Even if you’re juggling a lot, a set schedule is crucial. Depending on your industry and project phase, conduct regular check-ins such as daily progress reports, weekly updates or monthly strategy meetings.
These touchpoints give employees clarity about what matters and a sense of ownership. They allow you to keep an eye on everything that is happening in any company. You can hold different types of meetings – some focused solely on day-to-day business, others on developing innovations or solving problems. Regular communication maintains direction and momentum, even if you can’t always micromanage. You just need to diligently stick to your meeting calendar.
6. Carry out strict financial management
Proper money management is the foundation for the success of multiple businesses. Maintain independent and transparent books for each company. Accurately track profit and loss statements, balance sheets and cash flows. Monitor finances like a hawk and don’t unnecessarily mix funds across multiple ventures.
Be judicious in capital allocation and reinvest profits strategically. Pay particular attention to accounts receivable and accounts payable because you need to manage banking transactions, invoices, payroll and expenses in a disciplined manner. Just try to automate financial accounting as much as possible. If necessary, you can hire professionals such as accountants or bookkeepers. This gives you more time for important big-picture thinking and problem-solving, especially if you can’t directly monitor spending 24/7.
7. Set achievable milestones
Work towards defined goals and objectives for each business within a set schedule, e.g. B. on quarterly goals. Remember to set milestones that can realistically be achieved given limited time. But take a moment to celebrate small successes to stay motivated. For example, launch a new product line within six months, increase web traffic by 15% quarterly, or sign three new distribution deals by the end of the year. Your progress should feel motivating, not stressful.
If you want to run multiple companies, don’t try to do it alone. Look for other successful multi-business owners and learn from their experiences.